The Worthington advance., 1887-03-24
Banks and Trust Companies.

AN ACT to amend chapter of the General
Laws Of 1885, defining the duties and powers
OF annuity. safe deposit and trust companies,
. approved March 5, 1855.
Be 1t enacted by the Legislature of the State of
Minnesota:
SECTION l. That chapter three (3) Of the
General Laws OF One thousand eight hundred
1885. and entitled AN act to amend an act en-
titled an act to authorize the incorporation and
organization of annuity. safe deposit and trust
eight hundred and eighty-th CSS3), be, and
the same Ia hereby amended by adding the fol-
lowing as additional subdivisions to section
seven (7) Of said chapter three 81 Of the Cen
eral Laws Of 1855, that is to say:
Tenth-Any such corporation which has been
heretofore, or may hereafter become incorpor-
ated and organized, and made the deposit, and
received. or shall hereafter receive, the certif-
cate OF the state auditor as provided iu said
section five ~ Of said act OF one thousand
eight hundred and eishtythree QSS3). or OF
said amendatOry act OF one thousand eight hum
dred and eighty-five QSS5). and which shall
have, or shall hereafter be appointed as execu-
ment, or as administrator OF any estate. or rs
guardian Of the estate Of any minor, spend
thrift, or other person under guardianship, or
as assignee, receiver, trustee to execute
any other trust. by anv court, or by any munic-
ipa or other public corporation or person. and
which shall have accepted and entered upon. or
OF any such trust. shall thereafter be fully quail
lhed to fully discharge and perform such trust
without entering into or giving any sale bond.
repleyin bond, attachment bond. Injunction and.
appeal bond. or other bond undertaking, or Sc
curity whatsoever, which natural person
would be required to furnish or enter into in
the progress Of the execution Of any WILL or the
settlement of any estate, or III any suit, action
or special proceedings, or sale OF real or per-
sonal property during the performance of any
such trust, in any court in this state.
"Eleventh-Any executor, administrator or
guardian, now or hereafter to be appointed. may
resign his trust in favor of a corporation organ
NSrNIn hi 1k
thereupon such corporation may be appointed
in place of such executor, administrator or
guardian. by any court which has Jurisdiction
OF the subject matter Of such trust, upon such
terms and conditions as such court may pre-
scribe"
SEC @ That so much of the first subaivis.
of the Laws of 1885 as authorizes and enpow-
ers companies organized under said act to lin
sure owners of real estate. MORTGAGES and 9TH
ers interested in real estate from loss by reason
OF defective titles. liens and incu1nbrances," be
ana the same is hereby repealed. But this ap-
peal shall not affect or be construed as referring
to any company which has been heretofore Or
gan!zed under said act as so amended.
SEC: 5. This act shall take effect and he in
force from and after it's passage.
Approved March 9TH, 1887.
AN ACT to amend section forty-three N3) of
chapter thirty-three (33) of General Statutes
1873. relating to banks and banking.
Be it enacted by the Legislature Of the State of
Minnesota.
SECTION l. That section forty-three (43) of
chapter thirty. three t33 of the General Statutes
OF Eighteen hundred seventy-eixht uS7S) is
hereby amended so as to read as follows. viz:
Section 43. No person or persons who are
now or shall hereafter become engaged in the
business of banking in this state, not subject to
the supervision OF and not required to report to
any officer elected appointed by the state,
shall make use OF any office sign at the place
where such business is transacted having
thereon any artificial or corporate name; nor
shall such person or persons make use OF or cir
culate any letterheads, bllheads. blank notes,
blank receipts, certificates, circulars. or any
written or printed partly written or partly
printed paper whatever having thereon any arti-
hcial or corporate name. No bank hereafter in
corporated shall adopt or use the name of any
private or unincorporated bank now existing
without first obtaining consent in writing from
the person or persons who have done business
by or under such name.
ANY person or persons violating any Of the
provisions OF this chapter not hereinbefore
specially provided for shall be guilty of a mis-
demeanOr, and on conviction thereof pay a fine
OF not less than fifty (5O) dollars or more than
five hundred $500 dollars for each and every
Offense, to be recovered before anv court having
competent jurisdiction: and all fines and penal
ties so recovered shall be paid into the state
treasury.
SEC. g This act shall take effect and be in
force from after January first, 1883.
Approved March 7th, 1887.